August 3, 2016

3 Powerful Tips for Every Doctor Running A Business

The fundamentals of business and leadership present their own ever-expanding curriculum that is not only difficult to understand, but practically impossible to master. But that doesn’t mean you can’t be at the top of your “class” as a doctor lacking an MBA. Entrepreneurship is an education, which means it can be learned. If you're a business owner, use these three tips to speed up your education process and create a viable business.

America’s fastest growing private companies are chalked full of entrepreneurs, most of which are in the industries of healthcare, financial services, and technologies. As a doctor running his/her own practice, this should give you hope that you can do the same for your business. It takes the skills and know-how to go from the start-up phase to the mature phase. Though it takes time to grasp and gain a sense of confidence and proficiency in entrepreneurship, there are a few tips that can help you speed up the process and move through the phases of business faster, easier, and more efficiently.

Entrepreneurship 101

1. Know Your Product Intimately

Reaching a depth of understanding about an industry is just one aspect of a business owner's education. Understanding your product falls into this category. Conventional wisdom holds that founders make the best salespeople due to the fact that they are intimately familiar with their products. As a doctor, you need to fully understand the product of your company and your company’s mission within your industry. This understanding is something that you learn and hammer out along the way, but it ultimately stems from what brought you into business in the first place.

ASK YOURSELF THESE QUESTIONS:

  • What is my purpose?
  • What do I produce in exchange for my patients’ money?
  • Exactly WHAT am I selling? Describe it in one sentence.
  • What makes my product different from my competitors?

2. Gain Insight and Remain Persistent

In every business, the product may not change, but how it’s sold or packaged may have to be reinvented in order to continue keeping up with sales trends and developing technology. This is why, as with every education, you need to do your homework.

When you invite REAL criticism and challenges, you gain REAL insight. The lessons learned from those experiences lay the foundation for an advanced education needed to scale your business. It’s the hard lessons learned from experiences that could have killed your business, but ultimately strengthened it, that are the brass tacks you need to earn proficiency.

But you need something more than just insight. Every entrepreneur needs determination, risk tolerance, and creativity, but above all, they need persistence. Business owners need the staying power to survive until their vision becomes reality. This facet of entrepreneurship is even more relevant for doctors. Doctors have trained in a craft versus in business, making the hard lessons seem even harder and scarier. So do your homework—conduct research, invite feedback, dare to do something different, and remain persistent until you see your vision through. Passion is the key to remaining persistent. If you’re not passionate about your product, you’ll soon lose interest and it’ll be hard to deliver something unique and special. If you aren’t passionate, you will not have the staying power that it takes when the going gets tough.

ASK YOURSELF THESE QUESTIONS:

  • Do I invite feedback with patient surveys, company reviews, and employee feedback?
  • How much do I know about my industry, including developing technology, sales trends, and market conditions?
  • What have I done to challenge the status quo? What can I do to challenge it now?
  • Am I truly passionate about the product I produce? Why or why not?

3. Set Yourself Up With The Right Tools

Some of the most successful CEOs struggle with learning concepts like how to price proposals, hedge risks, divide equity, or establish metrics. For the past couple of decades, founders and academics have debated whether entrepreneurship can be taught. Ultimately, business management can be taught to a high degree, but entrepreneurship must be learned, and usually, in the trenches.

Entrepreneurship is an education. You learn as you go from starting your own company, defining your product, to establishing metrics and leading your team. Figuring out how to take your small practice and turn it into a great business is a learning process, but with the right tools, that process becomes much, much simpler. For instance, think back to when you were in school gaining your education. You had teachers, textbooks, prerequisites, and tools for different classes in order to be successful. To be successful as a business owner, you should set yourself up for success in much of the same ways, including mentors, resources, knowledge through study, and the right business management tools to help you succeed.

If you don’t already have an automated dashboard helping you know when and where to act in your business, you’re making entrepreneurship harder on yourself than it has to be. The secret to success is setting yourself up with the right tools. Otherwise, it’s like trying to build a house with a banana. Good luck!

ASK YOURSELF THESE QUESTIONS:

  • Who are my mentors?
  • What resources do I have to help with business management?
  • Do my business management tools fit my needs?
  • How can I better set myself up for success?

Entrepreneurship: An Education You CAN Master

With these three tips, you’ll advance towards entrepreneurial mastery much quicker. And whether you plan to run one practice or multiple locations, these tips will help you do so successfully. Now, utilize your answers from the questions posed to close the gaps in your education and determine the next steps you need to take to advance your business. Here are a few resources you can use to help you close additional gaps you might have in your education, enjoy:

How to Create Efficiency and the Ultimate Managers!

Mo’ Money, Less Problems: 3 Ways to Make Your Practice More Profitable

How to Become Fluent in the Language of Your Business

How to Create the Perfect Social Media Posts, Including Timing Tips

12 Quick and Actionable Financial Tips for Entrepreneurs

How to Be Prepared for When the Sky is Falling!

You CAN Cure Employee Apathy

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